Related papers: Demand-Flow of Agents with Gross-Substitute Valuat…
We show that, with indivisible goods, the existence of competitive equilibrium fundamentally depends on agents' substitution effects, not their income effects. Our Equilibrium Existence Duality allows us to transport results on the…
Computational and economic results suggest that social welfare maximization and combinatorial auction design are much easier when bidders' valuations satisfy the "gross substitutes" condition. The goal of this paper is to evaluate…
We propose a simple statistical-physics-inspired model for the effect of intrinsic fluctuations on supply and demand in markets. The model consists of agents that trade in two types of goods of which the total number is separately…
We study competitive equilibrium in the canonical Fisher market model, but with indivisible goods. In this model, every agent has a budget of artificial currency with which to purchase bundles of goods. Equilibrium prices match between…
A necessary and sufficient condition is given for a subshift presentation to have a continuous $g$-function. An invariant necessary and sufficient condition is formulated for a subshift to posses a presentation that has a continuous…
This paper develops a theory of competitive equilibrium with indivisible goods based entirely on economic conditions on demand. The key idea is to analyze complementarity and substitutability between bundles of goods, rather than merely…
We propose a dynamical theory of market liquidity that predicts that the average supply/demand profile is V-shaped and {\it vanishes} around the current price. This result is generic, and only relies on mild assumptions about the order flow…
We formulate a sufficient condition for the existence of a consistent price system (CPS), which is weaker than the conditional full support condition (CFS) introduced by Guasoni, Rasonyi, and Schachermayer [Ann. Appl. Probab., 18(2008), pp.…
Asset price bubbles are situations where asset prices exceed the fundamental values defined by the present value of dividends. This paper presents a conceptually new perspective: the necessity of bubbles. We establish the Bubble Necessity…
We introduce a model of fair division with market values, where indivisible goods must be partitioned among agents with (additive) subjective valuations, and each good additionally has a market value. The market valuation can be viewed as a…
We consider the problem of sharing a set of indivisible goods among agents in a fair manner, namely such that the allocation is envy-free up to any good (EFX). We focus on the problem of computing an EFX allocation in the two-agent case and…
This paper addresses the computational challenges of learning strong substitutes demand when given access to a demand (or valuation) oracle. Strong substitutes demand generalises the well-studied gross substitutes demand to a multi-unit…
E-commerce is shifting from search-based shopping to agentic purchasing. Rather than relying on keywords, AI shopping agents learn customer preferences through targeted multi-round conversations and then recommend a tailored set of…
In this paper, a G-shift of finite type (G-SFT) is a shift of finite type together with a free continuous shift-commuting action by a finite group G. We reduce the classification of G-SFTs up to equivariant flow equivalence to an algebraic…
Particles on Demand formulation of kinetic theory [B. Dorschner, F. B\"{o}sch and I. V. Karlin, {\it Phys. Rev. Lett.} {\bf 121}, 130602 (2018)] is used to simulate a variety of compressible flows with strong discontinuities in density,…
Starting from a plausible assumption about the Total Revenue concept, a system of economic agents, that simulates the exchange of goods, is studied. Following a methodology equivalent to that used in the statistical-mechanical determination…
We present a family of submodular valuation classes that generalizes gross substitute. We show that Walrasian equilibrium always exist for one class in this family, and there is a natural ascending auction which finds it. We prove some new…
The Walras approach to equilibrium focuses on the existence of market prices at which the total demands for goods are matched by the total supplies. Trading activities that might identify such prices by bringing agents together as potential…
Rising inequalities around the globe bring into question our economic systems and the origin of such inequalities. Here we propose a toy agent-based model where each entity is simultaneously producing and consuming indivisible goods. We…
In two previous papers the author developed a second-order price adjustment (t\^atonnement) process. This paper extends the approach to include both quantity and price adjustments. We demonstrate three results: a analogue to physical…